Autumn Budget 2021: Key Property Points
29 October 2021 by Leon Pascal
Chancellor Rishi Sunak has announced the following in his 2021 Autumn Budget which, subject to scrutiny of the detail in the coming weeks and months, appear most likely to impact on the property sector in England and Wales:
- £5bn to remove unsafe cladding from the highest risk residential high-rise buildings, funded by the Residential Property Developers Tax.
- The Residential Property Developers Tax will be an additional 4% levy on developers with profits exceeding £25m per annum.
- £11.5bn will be set aside to build up to 180,000 new affordable homes, with brownfield land being targeted for new homes.
- Business rates revaluations taking place more frequently (every three years) from 2023.
- Business rates investment relief to encourage businesses to adopt green technology.
- Next year’s planned increase to the business rates multiplier has been cancelled.
- For one year, there will be a 50% discount on business rates paid by businesses in the retail, hospitality and leisure industries, up to a maximum of £110,000.
- To support pubs, a new ‘draught relief’ representing a 5% cut to duty on draught beer and cider, and alcohol duty will be simplified such that, generally, the stronger the drink the higher the rate.
- In terms of infrastructure, £21bn for investment in roads and £46bn for investments on railways has been announced.